KEY POINTS OF THE RETIREMENT SYSTEMS
TEACHERS RETIREMENT SYSTEM
www.trsga.com / EMPLOYEES’ RETIREMENT SYSTEM
(Not Available to New Hires Effective 1/1/2009)
www.ers.ga.gov / STATE EMPLOYEES’ PENSION AND SAVINGS PLAN
www.ers.ga.gov
Employee’s Contributions:
Employees Contribution is 6% of earnable gross salary (pre-tax deductions)
* See Member’s Guide on website / Employee’s Contributions:
Employees Total Contribution is 1.50% of gross salary (after-tax deduction) [1.25% goes to retirement, .25% goes to Group Term Life Insurance, which is non refundable]
* See “New Plan” ERS Booklet page 8 on website / Employee’s Contributions:
Employees Contributions is 1.25% of your pensionable salary (regular compensation payable for full normal working hours, excluding and supplements from local funds. This also excludes pay such as bonuses, FLSA Compensatory time, holiday pay, annual leave payouts, overtime, and vehicles allowances.)
* See Handbook / Plan Guide on website
401K Saving Plan:
NO 401K Plan
VALIC (403B-Optional) / 401K Saving Plan:
NO 401K Plan / 401K Saving Plan:
Automatic enrollment in the Pre-tax 401K plan at a contribution rate of 5% of your compensation, with a corresponding match from your employer of 3 % of your compensation.
Group Term Life Insurance:
NO Group Term Life Insurance / Group Term Life Insurance:
Coverage is 18 times employee’s monthly salary (Or 1 1/2 times annually salary).
* See Handbook / Plan Guide on website / Group Term Life Insurance:
NO Group Term Life Insurance
FICA Deduction:
Wages subject to Medicare only (1.45%)
* See page 20 of the TRS Booklet for Social Security Offset due to not contributing to OASDI until retirement. / FICA Deduction:
Wages subject to total FICA withholding: OASDI of 6.20% and Medicare of 1.45 % / FICA Deduction:
Wages subject to total FICA withholding: OASDI of 6.20% and Medicare of 1.45 %
Employer’s Contribution:
A percentage of gross payroll as set by the Board of Trustees based upon the recommendations of the system’s Actuary. / Employer’s Contribution:
A percentage of gross payroll as set by the Board of Trustees based upon the recommendations of the system’s Actuary. / Employer’s Contribution:
A percentage of gross payroll as set by the Board of Trustees based upon the recommendations of the system’s Actuary.
Service Retirement:
* 10 Year Retirement - * 10 years of creditable service and attainment of age 60
* 25 Year Retirement - Benefit will be permanently reduced
* 30 Year Retirement - At any age with at least 30 years of service / Service Retirement:
* Normal Retirement –Old & New Plan
Minimum qualifications are age 60 with at least 10 years of creditable service.
* 25 Year Retirement- Old & New Plan
Minimum qualifications are 25 years of service and under the age of 60. Possible age or service reduction
* 30 Year Retirement –Old & New Plan
At any age with at least 30 years of service.
* 34 Year Retirement-OLD PLAN ONLY
At any age with at least 34 years of service.
* See Handbook / Plan Guide on website / Service Retirement:
* Normal Retirement - Minimum qualifications are age 60 with 10 or more years of service or any age with at least 30 years of service
* Early Retirement - Minimum qualifications are 25 years of service and under the age of 60
* See Handbook / Plan Guide on website
Disability Retirement:
Active member having at least 9 years and 6 months of creditable service and must be permanently disabled.
* See Member’s Guide on website / Disability Retirement:
Active Status with at least 13 years and 4 months of creditable service and must be totally and permanently disabled.
* See Handbook / Plan Guide on website / Disability Retirement:
Active status with at least 15 years of creditable service and must be permanently disabled.
* See Handbook / Plan Guide on website
Calculation of Benefits:
2% X Years of Creditable Service X Average Monthly Salary (for the highest two consecutive years) = Maximum Monthly Benefits.
* See Member’s Guide on website / Calculation of Benefits:
Formula Salary* X Benefits Formula Factor (2%) X Creditable Service= Retirement Benefit Salary
(* average of the highest 24 consecutive months of salary while a member of ERS)
* See Handbook / Plan Guide on website / Calculations of Benefits:
1% X Years of Creditable Service X * Highest Average Salary= Retirement Benefit Salary
(* The average is calculated using the highest consecutive 24 months of salary while a member of the retirement system)
* See Handbook / Plan Guide on website
Rev 1/6/2016